Stocks
Asian Markets Tread Lightly Amidst Lackluster Consumer Confidence
Asian markets showed limited movement on Wednesday following the release of uninspiring consumer confidence data. The subdued sentiment was influenced by statements from US Federal Reserve officials and upcoming economic indicators.
On Tuesday, global stocks mostly gained ground, despite reports indicating a lack of optimism among consumers in the US and Germany. The Conference Board revealed a larger-than-expected decline in US consumer confidence for February, highlighting concerns about the labor market and the political environment. In Germany, consumer outlook remained pessimistic, and intentions for significant purchases showed little change from the previous month, as reported by pollster GfK.
US stocks closed with minimal changes on Tuesday, with investors awaiting crucial economic data, including the Federal Reserve’s preferred inflation gauge. The US Personal Consumption Expenditure (PCE) price index, along with consumer income and initial jobless claims data, is scheduled for release on Thursday.
Investors are closely monitoring comments from three Fed officials later on Wednesday, seeking insights into the central bank’s stance on rate cuts. Anticipations for US interest rate reductions have shifted to later in the year due to hotter-than-expected inflation data and policymakers requiring further evidence of progress toward their 2.0 percent inflation target.
Despite a recent chorus of officials expressing concerns, Fed governor Michelle Bowman stated that she expects inflation to decrease while keeping rates unchanged. She emphasized that it is premature to consider rate reductions.
In the Asian markets, Tokyo stocks opened flat, reflecting mixed performance in US shares. Speculation arose among analysts about a potential interest rate hike by the Bank of Japan in April or even sooner, following better-than-expected Japanese consumer inflation data.
Shanghai experienced a positive opening, and other markets such as Seoul, Wellington, Mumbai, Jakarta, and Manila also traded higher. However, Hong Kong, Sydney, Taipei, Singapore, Bangkok, and Kuala Lumpur faced declines.
G20 finance ministers and central bank heads are convening in Brazil to address challenges to the global economy, including conflicts in Ukraine and Gaza, threatening its nascent recovery. Investor attention is expected to shift to Chinese manufacturing data on Friday.
Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
